Pimerica (Types of life policies)

Which policy component decreases in decreasing term insurance?

Face amount

What type of insurance would be used for a Return of Premium rider?

Increasing Term

Concerning Juvenile Life insurance, which of the following statements is INCORRECT?

Juvenile Life is classified as any life insurance purchased by a minor.

2 Variable Whole Life insurance is based on what type of premium?

Level fixed

Which of the following is an example of a limited-pay life policy?

Life Paid-up at Age 65

In an Adjustable Life policy all of the following can be changed by the policy owner EXCEPT

The type of investment.

2 In a survivorship life policy, when does the insurer pay the death benefit?

Upon the last death

Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid

For 20 years or until death, whichever occurs first.

All of the following statements are correct regarding credit life insurance EXCEPT

Benefits are paid to the borrower's beneficiary.

A married couple owns a permanent policy which covers both of their lives and pays the death benefit only upon the death of the first insured. Which policy is that?

Joint Life Policy

Which of the following riders would NOT cause the Death Benefit to increase?

Payor Benefit Rider

2 A young father would like a life insurance policy to provide coverage for all five family members at the lowest cost. Which type of policy would he most likely buy?

Family Protection Policy